SHANGHAI, Apr. 2 (SMM) – LME tin opened at USD 22,874/mt on Tuesday. The metal touched a session low of USD 22,725/mt as mixed manufacturing data from China rekindled worries that the world’s second largest may have lost some steam. LME tin, however, rebounded later in the day on rosy US manufacturing PMI, closing at an intraday high of USD 22,950/mt, up USD 86/mt from a day earlier. Trading volumes gained 96 lots from the previous day to 258 lots, but positions were off 252 lots to 21,993 lots. Inventories were unchanged at 9,555 mt.
Markets are optimistic over US ADP’s March employment report due to be released today. Recent negative Chinese economic data are dampening market sentiment, but have also raised expectations for government stimulus measures. In this scenario, LME tin should fluctuate in a tight range of USD 22,700-23,300/mt on Wednesday. In Shanghai physical tin market, prices are expected between RMB 137,000-139,500/mt.